Budget 2013: The industry view

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"While plans to boost capital spending on big ticket infrastructure projects from 2015 will be welcome, businesses will be impatient to see where this money will flow to in the spending review. The government needs to do more to demonstrate to global investors that UK infrastructure is a prize worth pursuing. Meanwhile, conditions remain tough on the high street, so it is disappointing that the government has not capped the increase in business rates. A two per cent cap would have really helped hard-pressed retailers. That said, the government must stick to its guns on its fiscal strategy. Changing course would risk damaging market credibility and could lead to higher public borrowing and interest rates."